Hagerty Q3 loss ratio worsens 15.4 pts on $10mn Ian loss and reserve hike

Hagerty has reported that its third quarter loss ratio deteriorated to 56.4 percent from 41.0 percent a year ago because of a $10mn Hurricane Ian loss and $6.5mn of reserve strengthening, with the classic car MGA also stating its State Farm partnership is “progressing well through the testing phase and regulatory approval process”.